- RIL’s revenue increased by 32.1 percent from $62.3 billion in 2018 to$82.3 billion in 2019.
- Reliance Industries Limited led by Mukesh Ambani has jumped 42 places and became the top-ranked Indian firm on Fortune Global 500 list.
Reliance Industries Limited led by Mukesh Ambani has jumped 42 places and became the top-ranked Indian firm on Fortune Global 500 list.
Earlier, Government-owned Indian Oil Corporation (IOC) had the privilege of being the Top-ranked Indian company and was the first ranked company on the list of Fortune India 500 which was started in 2010.
Fortune said, ” This year Reliance Industries which is ranked 106 has replaced IOC which stands at 117 as the top-ranked company on the Global 500 list.”
RIL’s revenue increased by 32.1 percent from $62.3 billion in 2018 to$82.3 billion in 2019. On the other hand, IOC recorded a 17.7 percent growth in revenue from $65.9 billion to $77.6 billion.
The magazine said that over the last 10 years, RIL’s revenue rose at a compounded annual growth rate of 7.2 percent from $41.1 billion in 2010, while that of IOC rose at 3.64 percent from $54.3 billion in 2010,
Apart from RIL and IOC, State Bank of India (SBI), Oil & Natural Gas Corporation (ONGC), Tata Motors, Bharat Petroleum Corp. Ltd. (BPCL) and Rajesh exports features in the list.
SBI lost 20 places and moved to 236th rank while ONGC moved up 37 places and stands at 160th rank. Tata Motors also slipped 33 places to 265th rank. BPCL rose 39 places to 275th rank and Rajesh Exports lost 90 places to finish at 495th.
Other companies in the list
Us based retailing giant Walmart continues to dominate the top spot of Fortune 500 list followed by Chinese Government-owned Sinopec Group (Oil & Gas Sector) which moved to 2nd rank. Dutch Company Royal Dutch Shell was ranked third followed by China National Petroleum and State Grid.
Saudi Oil giant Aramco made the first appearance to the Top 10 list at 6th position while BP, Exxon Mobil, Volkswagen, and Toyota Motor follow the suite with 7th, 8th, 9th & 10th ranks respectively.
Fortune mentioned about the interesting journey of RIL which marks the 16th year of the company in this Global 500 list. They said, ” For 9 years from 2010 to 2018 the average difference between revenue of IOC and RIL was $9.4 billion. After 2016 the gap started narrowing down from $11.6 billion to $6.6 billion in 2017 and $3.6 billion in 2018 respectively. In 2019, RIL surpassed IOC by $4.7 billion.”
The growth of revenue certainly shows the progress of Reliance Industries under the able leadership Mukesh Ambani. The telecom arm of the group Reliance Jio Infocomm gave the biggest boost to the group in terms of revenue by bringing a revolution in the Indian telecom industry.